Peso, stocks rise as US-Iran tension eased up

Peso, stocks rise as  US-Iran tension eased up
Graphic from PNA

By Joanne Villanueva

The peso and the Philippine Stock Exchange index (PSEi) finished up Thursday as investors’ worries on the US-Iran tension slightly eased after the missile attacks on US military bases in Iraq.

The local currency ended the day at 50.651 from 50.756 Wednesday, which BPI Research said “reflected the improvement in global risk sentiment.”

This, after US President Donald Trump decided not to retaliate from Iran’s missile attacks on US bases.

The local unit opened the day at 50.65, an improvement from the 51.16 start in the previous session.

It traded between 50.74 and 50.525, resulting in an average of 50.603.

Volume reached USD1.58 billion, lower than the USD1.96 billion a day ago.

The currency pair is seen to trade between 50.50 and 50.90 on Friday.

The main equities gauge rose 0.79 percent, or 61.40 points, to 7,797.64 points.

All Shares gained 0.38 percent, or 17.25 points, to 4,612.83 points.

Bulk of the sectoral indices followed suit, led by the Mining and Oil with a jump of 2.06 percent.

Property followed with 1.21-percent increase as well as the Services, 1.03 percent; Holding Firms, 0.79 percent; and Financials, 0.36 percent.

Only the Industrial index ended on the red after it fell 0.23 percent.

Volume reached 843.96 million shares amounting to PHP5.55 billion.

Advancers led losers at 108 to 81, while 43 shares were unchanged.

 (First published in PNA)

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